Poor refining margins drive profit down at Total

PARIS (AP) - French oil company Total said Thursday that net income fell 10 percent in the July-to-September period, partially due to poor refining margins amid a sluggish European economy.

PARIS (AP) — French oil company Total said Thursday that net income fell 10 percent in the July-to-September period, partially due to poor refining margins amid a sluggish European economy.

The company said that net profit was 2.8 billion euros ($3.9 billion) in the quarter, the first in its fiscal year. Revenue was 46.7 billion euros, a drop of 6 percent. Still, both figures were above consensus expectations of analysts surveyed by FactSet.